22% of Nvidia revenue now books to Singapore, but only ~1% is local buyers
Gregory_C_Allen · x · 2026-11-11
hamandcheese argues that evidence of mass export-control evasion has been hiding in plain sight: after controls tightened in 2023, Nvidia sales to the broader Sinosphere soared. Singapore alone now accounts for 22% of Nvidia's revenue, yet only about 1% of those sales are for actual Singapore-based buyers — suggesting chips are being re-routed through the city-state. The attached chart shows Nvidia revenue by geography (TTM), with Singapore's share climbing sharply after 2024. Gregory C. Allen amplified the analysis.
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